"Can I go bankrupt?" is a very common question. People worry that their bankruptcy application will be rejected because their debts aren't large enough. Or the Official Receiver will say they should repay the money they owe. Or that they don't meet the legal criteria. Or they have just borrowed some money. But less than 1% of bankruptcy applications are rejected by the Insolvency Service, … [Read more...]
Getting out of debt
Practical articles about the different debt options, which might work for you and different ways of dealing with creditors
No calls or letters about a debt for years?
If its been several years since you stopped paying a debt and you haven't had any phone calls or letters for a long while, you may be hoping your debt has "got lost". Perhaps the debt collector has forgotten about it... Mr H has a typical situation: I stopped paying a loan at the start of 2016 when I lost my job. I have a Default on my credit file for June 2017. The bank sold it to a debt … [Read more...]
Payday lenders – email addresses for complaints
If you want to get a refund for "unaffordable" payday loans, the first step is to complain to the lender. Often it's simple as the lender has a Complaints section on their website, but some have been taken over or the website isn't there anymore, so here is a list of their email addresses. For all these emails put AFFORDABILITY COMPLAINT as the subject of the email. If you haven't already … [Read more...]
I’m in a DMP – can I get a mortgage?
A reader asked about applying for a mortgage when she is in a Debt Management Plan (DMP): "I have been in a DMP for 8 years and still have 6 to go as I still owe £16,000. With hindsight, I should have gone bankrupt! My parents will give us a 20% deposit in 2021, but they don't know about my debts so I can't use their money to end the DMP. Will I be able to get a mortgage?" This case highlights … [Read more...]
Is gambling wrecking your finances?
A gambling habit often starts small, some fun with your mates or a bit of excitement when you are bored at home. But soon you may be spending more than you can afford. Then your cards and overdraft are maxed out. It is so tempting to hope to win back enough to clear the debts and pay your bills. You need money to do this, so you get a loan. But you lose more... Soon the only credit you can … [Read more...]
How to improve your credit rating after a DRO
A Debt Relief Order (DRO) lasts for one year and then your debts in it are wiped out. But it shows on your credit record for six years. This article looks at what should happen to your credit record during the DRO year and after it has finished. Some of your creditors may have go tt this wrong, you need to ask them to correct any problems. You can start to improve your credit rating after … [Read more...]
“Must I pay a debt that’s not on my credit report?”
A reader asked if she has to pay a debt that she can't see on her credit record. Many people think that checking their credit record is a good way to get a complete list of their debts. And they look forward to a defaulted debt disappearing after 6 years because then they don't owe the money anymore. These are myths - and although they sometimes are right, they often … [Read more...]
How the borrower of a guarantor loan can complain
UPDATES: Do not use the template on this page for Amigo, Buddy, George Banco, Trust Two, Glo. It is now too late to complain about them. For TFS see TFS Loans goes into administration. Guarantor loans are very expensive. Often the lender didn’t check properly that you will be able to manage the loan repayments without having to borrow more. If proper checks would have shown that you … [Read more...]
How to get a paid CCJ marked as Satisfied
A reader asked: In August 2019 a CCJ was registered against me for £211. I paid off the balance, but not within the month. I have bank statements to prove its been paid. On my credit report it shows the status as “active” even though I have paid it. I’ve contacted the debt collector multiple times but they say as it’s an old case it’s no longer on their system and they can’t help me. I don’t … [Read more...]
Court papers for a CCJ – FAQs about the N9A form & how much to offer to pay?
Mrs E asked: I have a catalogue debt of about £2000 from 2014. I was paying through a debt management company until March 2016 when I stopped. They are going to court for a CCJ. I don't know how to fill in the form with my expenses or which debts I should include. Mrs E's questions are about completing the N9A Admission form that was included with the Claim Form she has received. This is the … [Read more...]
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